Commerce Accountancy · General Awareness

Entrepreneurship and Innovation

993 Questions

Entrepreneurship and innovation questions address business management, economic development, and small scale industries. These topics are highly relevant for commerce students and competitive exams focusing on business administration. Review these questions to understand enterprise structures.

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Entrepreneurship and Innovation Questions

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Who are artiste entrepreneurs?

  1. Artist in T.V. serials

  2. Proclaim themselves to be artist

  3. Persons with creativity orientation

  4. Artist in movies
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Artiste- Often found in businesses demanding creativity such as web design and ad agencies. As an artist , typically youll tend to build your business around the unique talents and creativities you have.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Entrepreneur utilizes the resources through ___________.

  1. identifying and evaluating the opportunity

  2. developing a business plan

  3. implementing the business plan

  4. manage the enterprise
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

An entrepreneur utilizes resources by executing their business plan, which translates the identified opportunity into a functional enterprise.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

What is an idea behind an Entrepreneur doing a feasibility study?

  1. To see of there are possible barriers to success

  2. To identify possible sources of funds

  3. To estimate the expected sales

  4. To explore potential customers
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A feasibility study is conducted to determine the viability of a business idea, specifically by identifying potential obstacles or barriers that could prevent success. While funding, sales, and customers are important, they are components of the broader assessment of whether the venture can realistically succeed.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Which one of the following is the way by which an Entrepreneur can enter into international business? 

  1. Export

  2. Non equity arrangements

  3. Direct foreign investment

  4. All of the given options
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Entrepreneurs can enter international markets through various channels, including exporting goods, establishing non-equity arrangements like licensing or franchising, and making direct foreign investments. Since all these are valid entry modes, the correct choice encompasses all options.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

When advising John of what to include in the production plan of his business plan for his entrepreneurial venture, what would you not include in you recommendation?

  1. Manufacturing process

  2. Product price

  3. Names of suppliers of raw materials

  4. Physical plant
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The administrative process that takes place within a manufacturing business and which involves making sure that sufficient raw materials, staff and other necessary items are procured and ready to create finished products according to the schedule specified is production planning plan, focus is on inputs and process, i.e., plant and machinery used, material to be used, suppliers details, process of manufacturing.

Thus product pricing is not a part of production planning.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

An Entrepreneur should do a feasibility study for starting a new venture. Select the correct option.

  1. To see if there are possible barriers to success.

  2. To identify possible sources of funds.

  3. To estimate the expected sales

  4. To explore potential customers
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A feasibility study is primarily designed to assess the viability of a venture by identifying potential barriers to success. This helps the entrepreneur decide whether to proceed with the business plan.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

OPPORTUNITY analysis is ________.

  1. a method of evaluating the entire venture.

  2. a business plan

  3. both a and b

  4. a derision to act or not to act on an opportunity
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Opportunity analysis is the process of evaluating a potential business opportunity to determine if it is worth pursuing. It serves as a decision-making tool regarding whether to commit resources to a specific venture.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Which of the following is the fruitful source for identifying business opportunities?

  1. Business associates.

  2. Technical people

  3. Consumers.

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Business opportunities can arise from various sources, including feedback from consumers, technical experts, and business associates. Each of these groups provides unique insights that can lead to identifying a viable business venture.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

As per international perspective, which of the following decisions are NOT covered under strategic planning of an Entrepreneur? Select correct option.

  1. What are unique characteristics of each market?

  2. Who should be involved in marketing decisions?

  3. What customer benefits are provided by the product?

  4. What are the company's major strengths and weaknesses?
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Strategic planning involves high-level, macro decisions such as analyzing market characteristics, customer benefits, and company strengths or weaknesses. Operational or tactical staffing choices, such as who specifically should be involved in day-to-day marketing decisions, are typically excluded from high-level strategic planning.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Personal characteristics to be a sucessful Entrepreneur includes _______.

  1. understanding environment

  2. creating management options

  3. encourage open discussion

  4. all of the above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Successful entrepreneurs typically possess a wide range of skills, including the ability to understand their environment, manage options, and foster open communication within their teams. All these traits contribute to effective leadership and business growth.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

When an entrepreneur introduces a new product or service to meet the need of old market it is called ________.

  1. allocation of new source

  2. product development

  3. diversification

  4. market expansion
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Diversification is the term which usually used to mean the introduction of a new product or service to meet the need of an old market. Diversification is an expansion of the range of product. Offerings of an existing product or service in a new market; a new product in to an established market and a new product in a new market.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Common reasons for entrepreneurial failure include all but which one of the following? 

  1. Poor implementation

  2. Lack of capital

  3. Adequate financial support

  4. Ineffective human resources
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

There can be many reasons for failure of an entrepreneurship. The idea of the business may be wrong considering the environment in which to operate.

The implementation phase may prove bad.
There can be short supply of capital or inconsistent supply of capital. 
There can be ineffective human resources having lack of skills and ability.
The risk taking ability of the entrepreneur may be less.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Why should an entrepreneur do a feasibility study for starting a new venture?

  1. To identify possible sources of funds

  2. To see if there are possible barriers to success.

  3. To estimate the expected sales.

  4. To explore potential customers.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Before starting any work, a preliminary study must be carried on. Before starting any business, the feasibility of the idea must be carried out. To start with there should be market study done to know the customers for the product.

To identify the possible sources of funding. To estimate the sales that can be achieved. 
To check out the competitors for the products or services.
To analyse the risks that may be faced.

Multiple choice organization of commerce and management entrepreneurship: an introduction, nature, importance and problems functions and role of an entrepreneur entrepreneurs types of entrepreneurs

Which types of entrepreneurs excel at problem solving in a systematic way?  

  1. Artiste

  2. Analyst

  3. Superstar

  4. Advisor
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

An analyst understand how business is structured and how it operates. Analyst types of entrepreneurs excel at problem solving in a systematic way.